Join our Community

MARKETS REBOUND AS JULY F&O SERIES OPENS STRONG; POST 1ST WEEKLY FALL IN SIX

The BSE Sensex surged almost 386 points today, reversing two sessions of losses, as the July series derivatives contracts started on a robust note amid the recovery in the rupee.

This is the benchmark’s biggest single-session gain since May 31, when it had vaulted 416.27 points.

Global markets climbed after a prolonged spell of weakness, even as trade and crude oil headwinds remain.

Investor sentiment was bolstered as the rupee staged a recovery after hitting lifetime lows on Thursday.

The Sensex opened strong at 35,128.16 and stayed in the positive zone throughout the session as buying activity gathered momentum.

It scaled the day’s high of 35,459.05 before closing at 35,423.48, a hefty gain of 385.84 points, or 1.10 percent.

The gauge had lost 452.40 points in the past two sessions.

The broader NSE Nifty ended the session at 10,714.30, up 125.20 points or 1.18 percent, after shuttling between 10,723.05 and 10,612.35.

However, both the benchmarks ended lower on a weekly basis, reversing five straight weeks of gains. The Sensex registered a fall of 266.12 points, or 0.75 percent, while the Nifty shed 107.55 points, or 0.99 percent during the period.

“Market recovered from yesterday’s loss on account of sharp rebound in rupee while positive momentum in the global market supported the domestic sentiment further.

“However, oil remains a key determining factor for the market direction while other multiple headwinds like inflation and a fiscal path will be keenly watched by the participants,” said Vinod Nair, Head of Research, Geojit Financial Services.

Tata Steel emerged as the top performer among Sensex constituents by surging 3.61 per cent, followed by Yes Bank at 3.16 per cent.

Among sectoral indices, the BSE infrastructure index topped with a gain of 3.09 per cent, followed by consumer durables 2.94 per cent, metal 2.82 per cent, capital goods 2.80 per cent, oil & gas 2.78 per cent, realty 2.21 per cent, PSU 2.12 per cent, FMCG 1.95 per cent, power 1.85 per cent, IT 0.95 per cent and banking 0.43 per cent.

A similar trend extended to the broader markets, with the BSE small-cap index rising 1.92 percent, while the mid-cap gauge gained 1.81 percent.